Lattice Semiconductor has struck a lease deal that would allow the tech firm to expand its South Bay operations.

The semiconductor company has leased about 100,000 square feet on Onel Drive in San Jose, said Joe Bedewi, Lattice’s chief financial officer. Lattice is vacating 70,000 square feet in San Jose.

“We needed more space,” Bedewi said. “We have been doing some hiring. We do have room to grow at this new facility.”

Oregon-based Lattice now has about 200 employees in San Jose. Its workforce could approach 250 in number by the time the company moves into the new offices about six months from now.

The Plant may sell for $203 million

The Plant shopping center, a busy retail complex in central San Jose whose anchors include Target and Best Buy, is expected to be bought for $203 million, an indication that investors hunger for South Bay retail.

“There are way more buyers than there are quality retail properties to buy,” said David Taxin, a partner with Meacham/Oppenheimer, a commercial realty firm.

The buyer is an affiliate of Arizona-based Cole Real Estate Investments. The seller is an affiliate of New York City-based Vornado Realty Trust.

Target, Home Depot, Best Buy, Toys R Us and Petsmart are among the primary anchors at the retail center. The center is located at the corner of Monterey Road and Curtner Avenue. The retail center is about 95 percent leased, an SEC filing shows.

Mechanics Bank posts higher profits

Richmond-based Mechanics Bank said its profits soared and deposits surged in 2012.

Mechanics Bank earned $22.3 million during 2012. That was 30 percent higher than the profits in 2011.

During the fourth quarter, the regional bank earned $7.3 million. That was up 9 percent from the profits in the year-ago fourth quarter.

Deposits totaled $2.73 billion at the end of December, up 6.1 percent from the year before.

Ellie Mae names Corr as president

Pleasanton-based Ellie Mae has tapped Jonathan Corr to become president and chief operating officer of the mortgage software company.

Corr has been with the company for 11 years and was a key player in the concept and creation of the Ellie Mae’s core software to automate the origination, processing and funding of mortgages.

As the president and COO, Corr will manage day-to-day operations. He will report to Sig Anderman, chairman and chief executive officer.

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